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Utah Plans to Invest Public Funds in Crypto With New H.B. 230 Bill
In a significant move, the state of Utah has proposed a bill that would allow it to invest up to 10% of its public funds in cryptocurrencies. This bold step is being taken through the introduction of House Bill (H.B.) 230, which aims to utilize blockchain technology for modernizing Utah’s financial operations.
The bill was introduced by State Representative Jordan Teuscher and would permit the state treasurer to allocate a portion of key accounts into digital assets that meet specific criteria. This could include cryptocurrencies with a market value exceeding $500 billion over a 12-month period, or secure U.S.-backed stablecoins.
Utah’s decision to explore cryptocurrency investments follows in the footsteps of other states like Texas and Oklahoma, which are also considering similar moves. The bill’s proposed measures are designed to ensure the safety and security of these investments by mandating that cryptographic keys used to access these assets be stored securely and not restricted by any means.
This development could potentially have significant implications for the global cryptocurrency market, as it demonstrates a willingness among government entities to engage with and invest in digital currencies. While the bill is still pending approval, Utah’s bold move could pave the way for other states or even countries to follow suit.
It remains to be seen how this decision will impact the overall sentiment of the crypto market. However, at present, it appears that the state is committed to embracing cutting-edge technology and maintaining control over its financial resources.
Stay tuned for further updates on this developing story.
Source: coinpedia.org
